Gunvor Pays Ecuador $93.6M in Corruption Settlement

Swiss commodities trader Gunvor has paid Ecuador $93.6 million as part of a corruption case settlement. The company admitted in a U.S. court to bribing Ecuadorean officials from 2012 to 2020 to secure business with Petroecuador. The funds are now credited to Ecuador's treasury.

Swiss commodities trader Gunvor has paid Ecuador $93.6 million in an agreement reached over a corruption case and the funds have been credited to the country's treasury, Ecuador's procurator said on Tuesday. The company pleaded guilty in a U.S. court in March to violating corruption laws and paying Ecuadorean officials bribes from 2012 to 2020 to ensure business with state-run oil company Petroecuador, the procurator said in a statement.

A spokesperson for Gunvor declined to comment. In a March statement on its website, the company said that up to half of a $374 million fine agreed with the U.S. Department of Justice would be credited against related claims in Switzerland and Ecuador.